(From left) Cofounders Alan Jiang and Deb Gangopadhyay.
Courtesy of Beam Mobility
Singapore-based startup Beam—an electrical scooter and motorcycle supplier sponsored via the likes of Gobi Companions, Sequoia Capital India and ZhenFund—has raised a $93 million Sequence B investment spherical, led via Affirma Capital, bringing the four-year-old startup’s overall investment to $125 million.
“We’re extraordinarily excited to spouse with a visionary fund comparable to Affirma Capital to convey cheaper price, greener, and more secure mobility for towns throughout APAC,” stated cofounder and CEO Alan Jiang, a Forbes 30 Underneath 30 Asia alum from 2019, in a observation.
New investor EDBI, the funding arm of the Singapore Financial Construction Board, additionally participated, along side earlier backers together with Sequoia Capital India and Seoul-based Hana Ventures.
“The micromobility business is unfolding swiftly in Asia Pacific and Beam is the regional chief within the area,” stated Taeyub Kim, a founding spouse of Affirma Capital. “Beam is supplied with extremely succesful control, technological agility, confirmed operational functions, and a capital-efficient growth technique to solidify its management.”
With a fleet of electrical scooters and motorcycles, Beam operates in 35 towns throughout Australia, Malaysia, New Zealand, South Korea and Thailand. Customers can get entry to Beam’s app to find a car close to them, release it to commute, and drop it off at any public location after they’ve completed.
The newest spherical of investment comes nearly two years after Beam raised $26 million in a Sequence A investment spherical. In 2018, the startup raised $6.4 million in seed investment led via Sequoia Capital India, Founders Fund, Forbes Midas Lister Anna Fang’s ZhenFund, and Magnificence 5 World.
Beam says that it has grown income via 15 occasions since 2020, and with its present achieve, a travel takes position each 2 seconds. Like different electrical scooter and motorcycle firms, Beam implements IoT and monitoring era to verify their cars are protected.
Going ahead, the startup says it plans so as to add electrical mopeds to its car portfolio, turning into the primary “tri-modal micromobility operator” within the Asia Pacific. The Sequence B price range might be used to make bigger, reinforce protection era and introduce a brand new model of its electrical scooter.
Throughout Asia, a number of startups that offer electrical scooters or motorcycles have emerged previously 5 years. Swing in South Korea introduced in early February that it raised $24 million in a Sequence B spherical to spur its enlargement and growth to Japan. In India, electrical motorcycle startup Leap reported it raised a $105 Sequence D spherical in 2020, but it surely hit the brakes on regional growth because of the pandemic.
